Real Earnings Management,Media Attention And Corporate Innovation Performance ——Based On The Empirical Study Of A-share High-tech Enterprises In Shanghai And Shenzhen

In the critical period of national economic transformation and development,high technology expertise,as the active force of enterprise innovation and the supporting force of promoting the development of enterprise independent innovation,are becoming increasingly prominent in the strategic influence of international competition and comprehensive national strength competition.Therefore,the innovative development of high technology expertise has become an important step to promote the reform of the social and economic structure and the modernization and upgrading of industrial industry,as an essential factor that the Innovation Performance development of high technology expertise has been considered in measuring the level of technological development of enterprises.However,higher technical requirements by high technology expertise that the enterprises' resources through continuous investment to promote its R?D ability will become the norm.The high investment and time-consuming industry technology innovation have the characteristics of high risk and high return,is also more complicated than the traditional enterprise of enterprise organization model and industry technology innovation process,which will make high technology expertise face difficulties in financing research of R?D early-stage and transforming of subsequent innovation achievements slowly that enterprise innovation performance will be impacted by reallocated internal resources.Therefore,many enterprises will find another shortcut to conduct earnings management,especially for real earnings management,to reduce the cost of enterprise innovation research and development to lower the innovation performance level of high technology expertise.At the same time,media attention will also influence the innovation performance of enterprises from the outside.Under the role of media supervision and public opinion,it will help improve the transparency of enterprise operation,urge enterprises to adhere to the innovation development strategy,and improve the innovation performance of enterprises.The supervision paid attention by external media plays a significant role in restraining the real earnings management behavior inside enterprises,which provides a new idea for enterprises to improve the innovation performance.Based on the above,to promote the innovation performance of high technology enterprise,researching the influence of real earnings management in innovation performance combines external influencing factors with the regulatory effect of media attention to suggest promoting the innovation performance of high technology enterprise.In terms of theoretical analysis,we firstly review the research literature of previous scholars,summarize the existing research results and discover the shortcomings in the existing research,and then analyze them through the relevant theoretical analysis,according to the correlation between variables is studied through correlation theoretical analysis to propose the research hypothesis about this paper in the end.Adopts normative research method and experimental research methods,from 2016 to 2020 in China A-share listed disclosure of data of high technology enterprise as the research sample,studying the effect of real earnings management to the enterprise innovation performance,further integrating media attention into the research framework to analysis regulating effect of media attention on the relationship between real earnings management and the enterprise innovation performance.An empirical regression test is conducted based on the research model constructed by the research hypothesis,regression results show that: Real earnings management has a significant negative impact on the quantity and quality of innovation output of high technology enterprises.The more media attention to enterprise innovation performance,the more effective it is to restrain the negative correlation between real earnings management and enterprise innovation performance,indicating that media attention plays a positive moderating role in the relationship between real earnings management and enterprise innovation performance.The conclusion suggests that the government should formulate measures to promote the development of the innovation performance of high technology enterprise;Secondly,enterprises should not only emphasize financial surplus in production development,but especially high technology enterprises should also relax the pressure of financial surplus;Furthermore,enterprises should pay attention to the role of the media in monitoring the company and the role of corporate reputation,reduce the behavior of real earnings management,and promote the better development of enterprises.